Statewide foreclosure activity down 24 percent from previous six months

Foreclosure filings decrease 27 percent in Q2; Up 39 percent in June

North Dakota reported 200 properties with foreclosure filings throughout the first six months of 2009, a 24 percent decrease from the previous six months but 85 percent ahead of the first half of 2008, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

The PeaceGardenState reported 88 properties with foreclosure filings for the second quarter of the year, a 27 percent decrease from the previous quarter but 73 percent ahead of the total reported for the same quarter last year. For June, the state reported 32 properties with foreclosure filings, up 39 percent from the previous month and a 191 percent increase from June 2008.

“Although North Dakota foreclosures spiked in June, it still holds one of the lowest totals so far this year,” said James J. Saccacio, chief executive officer of RealtyTrac. “North Dakota continues to report one of the lowest unemployment rates in the country — nearly 5 percent below the national average. This is definitely keeping foreclosures here lower than most states.”

North Dakotaranked 49th in the country in total foreclosures reported for the first six months of 2009. With one in every 1,553 housing units receiving a foreclosure filing, its foreclosure rate ranked 49th again among the 50 states.

CassCounty leads in midyear foreclosure filings

CassCounty accounted for 50 percent of North Dakota’s foreclosure activity for the first half of 2009, where 100 properties with foreclosure filings were reported. Grand ForksCounty came in second highest, reporting 31 properties with foreclosure filings halfway through the year. BurleighCounty was third highest, documenting 23 properties with foreclosure filings. RichlandCounty posted the fourth highest foreclosure total, where eight properties with foreclosure filings were reported. MortonCounty registered the state’s fifth highest total at midyear, reporting seven properties with foreclosure filings.

CassCounty dominates in midyear foreclosure rate rankings

CassCounty posted the highest foreclosure rate in North Dakota, with one in every 644 housing units receiving a foreclosure filing during the first six months of 2009. FosterCounty was second, with one in every 896 housing units receiving a foreclosure filing during the period. Grand ForksCounty had the third highest rate, with one in every 947 housing units receiving a foreclosure filing. RichlandCounty was fourth, with one in every 964 housing units receiving a foreclosure filing, followed by fifth place NelsonCounty, where one in every 1,010 housing units received a foreclosure filing during the six month period.

State contributes less than 1 percent to nation’s foreclosure total in midyear

North Dakota accounted for less than 1 percent of the 1,528,364 properties with foreclosure filings reported nationwide halfway through 2009. The national total represented a greater than 9 percent increase in activity from the previous six month period and was almost 15 percent ahead of the total reported for the first half of 2008. One in every 84 U.S. housing units received a foreclosure filing during the quarter.

Report methodology

The RealtyTrac Monthly U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing reported during the quarter — broken out by type of filing at the county, state and national level. RealtyTrac’s report incorporates documents filed in all three phases of foreclosure: Default— Notice of Default (NOD) and Lis Pendens (LIS); Auction— Notice of Trustee Sale and Notice of Foreclosure Sale (NTS and NFS); and Real Estate Owned, or REO properties (that have been foreclosed on and repurchased by a bank). If more than one foreclosure document is filed against a property during the quarter — which is extremely rare — only the most recent filing is counted in the report.

For current news and information regarding foreclosure-related issues and trends, check out our blog at www.ForeclosurePulse.com.

About RealtyTrac

RealtyTrac® is the leading provider of comprehensive housing data and analytics for the real estate and financial services industries, Federal, state and local governments, academic institutions, and the media. Data is aggregated from parcel-level records of more than 125 million U.S. residential and commercial properties and delivered through customizable products including bulk file licensing, APIs and custom reports.